The return on the Norwegian Government Pension Fund Global, also known as the National Oil Fund, was in 2012 13.4 percent, the fund's second best performance ever.(Photo: Fund manager Yngve Slyngstad)
The fund's performance reflects development in global financial markets during 2012," says Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM), the fund's manager.
The return on the fund's equity investments was 18.1 percent. The world's major stock markets rose markedly in the course of the year. Returns were especially high in the second half of 2012 and can in part be related to actions taken by the European Central Bank that were announced in July.
Fixed-income investments returned 6.7 percent. Returns were positive in all major sectors and were highest for corporate bonds.
The return on real estate investments was 5.8 percent.
The investment strategy was further developed in 2012.
"The change in strategy is the most substantial since the increase in the fund's equity allocation to 60 percent. While in 2011, the fund invested NOK 150 billion of the year's capital transfers in European equities, in 2012, the fund invested nearly an equivalent amount in emerging bond markets", says Slyngstad.
At the end of 2012, the value of the fund was NOK 3816 billion, up from NOK 3312 a year earlier.
An increase of NOK 500 billion is equal to NOK 100,000 per inhabitant in Norway.
Capital transfers during the year totaled NOK 276 billion, while the return was NOK 447 billion. A stronger krone exchange rate pulled down the value of the fund by NOK 220 billion.
(NRK/Aftenposten/Press release)
The International Monetary Fund (IMF) has presented its views on the Norwegian economy and Norwegian economic policy, and concludes that the Norwegian economy continues to perform well.(Photo: Finance Minister Sigbjørn Johnsen)..
The tax rates will be cut, says Prime Minister Jens Stoltenberg. He is not pleased with the way the tax system that he has been running for almost eight consecutive years.
..
Several economy professors think the government should consider selling their shares in Statoil.
..
The Executive Board of the Norwegian Central Bank (Norges Bank) has decided to keep the key policy rate unchanged at 1.5 percent. (Photo Norges Bank Deputy Governor Jan Qvigstad)
..
In presenting the revision of the 2013 Fiscal Budget, Finance Minister Sigbjørn Johnsen said the Government proposes a slight strengthening of the budget balance compared to the approved 2013 budget...
Prime Minister Jens Stoltenberg has announced that the Norwegian Government proposes tax changes from 2014 to strengthen competitiveness and profitability, and stimulate investments in the mainland economy...
The Government will spend NOK 750 million on a package of measures to assist the Norwegian forestry sector...
When the oil is no longer around to finance Norwegians' salary level, people's wages may have to be reduced by as much as 25 percent, predicts economist Knut Anton Mork.
..
Speaking at ILO's regional conference in Oslo, Norwegian Priem Minister Jens Stoltenberg said the crisis in Europe is dramatic. A financial crisis has now turned into a jobs crisis...
Prime Minister Jens Stoltenberg says Norway and Russia are continously developing a closer cooperation in important fields.
..
The Executive Board of the Norwegian Central Bank (Norges Bank) has decided to keep the key policy rate unchanged, at 1.5 per cent. The record low key policy rate has remained unchanged since March 14th last year.
..
As the Government began their annnual budget conference, Prime Minister Jens Stoltenberg said he is pleased with the development of the Norwegian economy, but sees challenges ahead in the work to form the budget for 2014.
..
Foreign and domestic demand, excluding petroleum activities, grew modestly in the 4th quarter of 2012. The gross domestic product (GDP) of mainland Norway was up 0.3 per cent in the 4th quarter.
..
